How to Learn Your Local Market
Everybody always says to "know your market". A question that always follows is "how"? This is the dilemma I am stuck in currently. I am a new commercial real estate agent and I am looking for answers on how I can develop an understanding of my market and what I need to do. It is a little more difficult because a lot of the information on sold and leased commercial properties is kept private and not open on platforms like the MLS for the most part. I am hoping somebody could get me on the path to how to learn my commercial market and what inside the market I need to know to become a successful commercial agent.
Thank You,
Apo
If you are local then definitely take some time driving the neighborhoods and networking with agents/ brokers in the area. You can also obtain information about the town online thru various sites including cit-data.com.
I had the SAME EXACT question when I started. What I did was create a "buy box" for the area that I was interested in. This was something I found by watching Michael Zuber (One Rental at a time). A buy box is a tool real estate investors use to determine the types of properties they want to purchase. The buy box is usually broken down into columns and details the criteria a property must meet to be considered for purchase. This tool helps real estate investors focus on their goals when analyzing potential real estate deals.
Just go to youtube and search "Buy Box" and/or "Michael Zuber". It took me about 45 minutes to set up and i've been working it for about a month now. Which now I know exactly what a "GREAT" opportunity vs. a "good" or "alligator" opportunity.
YMMV, but I suggest making a buy box for your area.
@Apostoli S Hillas, the best suggestion I can add is to attend as many networking events as you can so you can meet fellow brokers and develop meaningful connections and get insight. Also, attend townhall meeting, they typically discuss real estate matters as well. Lastly, look into perhaps joining a real estate team in your area, they will typically provide you a ton of training, resources and open access to new connections.
Connect with my brother, Brock Zylstra on LinkedIn. He’s been posting some interesting stuff on our market. Him and his team did just shy of a billion last year.